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Now this is a business model I’m pretty passionate about because it doesn’t cost much to start, it can be super profitable, AND it’s one of the easiest business models to get started with. What business model am I talking about? The digital product creator business model! With this business model you make money by creating digital products (ebooks, software, video tutorials, content, etc.) that help people solve a certain problem.
Here are the steps you need to take to start using this business model today!
Step 1: Decide What You Will Sell
If you don’t currently have an idea for a digital product then there are many ways that you can get ideas for your own digital product. You could search digital product marketplaces to see what others are doing, do some research and see what big problems people are having that a digital product could solve, etc. Once you have a few ideas (or if you already have an idea) you can then move on to making sure your idea will actually make money.
There is no way to make 100% sure that your digital product will sell, but one way that almost always works is to search Google for keywords related to your digital product idea. When you do this, do you see people selling digital products already? Are people running ads selling any kind of products related to your digital product idea? If the answer to these two questions is yes, then you’re more than likely on to a very good idea with your digital product.
Making sure you have a profitable idea is absolutely vital to your success so before you commit to your idea make sure you have done the research to make sure that it will be a good seller. There has to be demand or you’ll never see the big profits from your efforts.
Once you have validated the profitability of your digital product idea then it’s time to…
Step 2: Start Building An Audience
You don’t have to have a huge audience to begin working on your digital product, however you need to start the audience building process before you go into digital product creation mode because you can work on both at the same time. Also, your audience building and research will help in the product creation process too.
There are a lot of different strategies you can use to build your audience, but if you’re new to marketing I recommend that you start with content marketing. Specifically setting up a blog and publishing content to it that is related to your digital product idea. Then using the power of social media to get people in front of that content.
For example, you could setup an Instagram account and start making posts to Instagram that build your following (with people actually interested in the topic of your digital product) and get those people in front of your content.
My biggest piece of advice here is to do your research and learn how to do content marketing and social media marketing. You can build a very targeted audience so as soon as your digital product is created you can put it in front of that audience and start making money.
Step 3: Create Your First Digital Product
Now it’s time to create your digital product, and your options are endless here. Depending on your digital product idea will depend on the format of your product (ebook, videos, software, etc.) and if you’re going to create it or hire someone to create it for you.
Because there are so many options here, I can’t give you a step-by-step process, but Google truly is your best friend. You can learn to create any kind of digital product you want and/or find someone to create it for you.
Whatever you do though don’t get lost in the creation of your product. Have the intention to create a good product that helps people, and get it done!
Step 4: Create Your Website To Sell Your Digital Product
Once your digital product is created, you’re going to need a website that specifically sells your digital product for you. If you don’t know how to do this, you can of course hire someone to do this for you. You will need a copywriter who is good at creating sales copy that talks the reader into buying your digital product and a designer to create a direct sales page that looks professional and does the job of visually selling your product.
You will also need a download page so that after your customer purchases, they can then download what they’ve bought, and a selling platform that automates all of this for you.
There are many selling platforms out there. Do a Google search and pick the best one for you, but a few that I recommend are ClickBank.com, AppSumo, and JVZoo.com
Step 5: Tell The World
At this point you have created your first digital product, and it’s ready for people to start clicking on the order button and buying it.
The first thing you should do is of course tell that audience you’ve been building about it. The next thing you will want to do is decide how you will continually get people to your website selling your digital product. This is another area where you have a ton of options. You could use paid social media advertising, Google ads (or other PPC ad networks), YouTube ads, your own affiliate program, etc.
The important thing is you need to have a proven marketing strategy in place and work on it every day to get people to your sales page for your digital product. When you stop marketing, you stop making money. Period!
Step 6: Create More Digital Products
By now you should be making money with your digital product. Now it’s time to go back to the drawing board and see what other digital products you could create. I recommend sticking in the same niche as your first one so you can use the same audience to start advertising your next digital product.
This is a process you will repeat within your niche as many times as you can. Having multiple products allows you to make multiple sales from existing customers and have other products to get additional customers that may not have been interested in previous products. This is the start to having a digital product empire and scaling your business to the big money stage!
Step 7: Create More Income Streams
After you have a few products under your belt and you’ve built an amazing audience of people who love your information and your products you can start investigating other ways to make money from your audience. You could do affiliate marketing, coaching, etc. When you get to this point you will have so many options, so always be looking for ones that allow you to have additional income streams.
And there you go… There are the 7 main steps you need to take to start your journey as a digital product millionaire. Now of course this is just an overview of the digital product business model and there are many steps for each step I’ve given you here. The important thing is that you take action on each step, work hard to complete it, and as you get to the end of all of these steps you’ll see your efforts paying off!